PARK ELECTROCHEMICAL CORP.
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(Exact Name of Registrant as Specified in Charter)
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New York
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1-4415
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11-1734643
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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48 South Service Road, Melville, New York |
11747
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant's telephone number, including area code (631) 465-3600
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Not Applicable
Former Name or Former Address, if Changed Since Last Report
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition.
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Item 9.01
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Financial Statements and Exhibits.
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(c)
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Exhibits.
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PARK ELECTROCHEMICAL CORP.
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Date: June 27, 2011
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By:
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/s/ David R. Dahlquist | |
Name: |
David R. Dahlquist
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Title: |
Vice President and Chief Financial Officer
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Number
Exhibit
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Description
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Page
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99.1
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News Release dated June 27, 2011
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5
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Contact:Martina Bar Kochva
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48 South Service Road
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Melville, NY 11747
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(631) 465-3600
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13 Weeks Ended
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||||||||
5/29/11
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5/30/10
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|||||||
Sales
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$ | 51,817 | $ | 59,026 | ||||
Net Earnings
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$ | 7,242 | $ | 9,869 | ||||
Basic and Diluted Earnings Per Share
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$ | 0.35 | $ | 0.48 | ||||
Weighted Average Shares Outstanding:
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||||||||
Basic
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20,723 | 20,561 |
5/29/11
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2/27/11
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|||||||
Assets
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(unaudited)
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Current Assets
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||||||||
Cash and Marketable Securities
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$ | 255,956 | $ | 250,444 | ||||
Accounts Receivable, Net
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30,231 | 29,822 | ||||||
Inventories
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14,268 | 12,888 | ||||||
Other Current Assets
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3,484 | 3,805 | ||||||
Total Current Assets
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303,939 | 296,959 | ||||||
Fixed Assets, Net
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41,379 | 41,292 | ||||||
Other Assets
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16,992 | 15,557 | ||||||
Total Assets
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$ | 362,310 | $ | 353,808 | ||||
Liabilities and Stockholders' Equity
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||||||||
Current Liabilities
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||||||||
Accounts Payable
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$ | 11,160 | $ | 9,944 | ||||
Accrued Liabilities
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10,039 | 9,497 | ||||||
Income Taxes Payable
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6,766 | 5,812 | ||||||
Total Current Liabilities
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27,965 | 25,253 | ||||||
Deferred Income Taxes
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1,460 | 1,460 | ||||||
Other Liabilities
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1,637 | 1,787 | ||||||
Total Liabilities
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31,062 | 28,500 | ||||||
Stockholders’ Equity
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331,248 | 325,308 | ||||||
Total Liabilities and Stockholders' Equity
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$ | 362,310 | $ | 353,808 | ||||
Equity Per Share
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$ | 15.98 | $ | 15.77 |
13 Weeks Ended
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5/29/11
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5/30/10
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Net Sales
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$ | 51,817 | $ | 59,026 | ||||
Cost of Sales
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35,848 | 38,863 | ||||||
%
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69.2 | % | 65.8 | % | ||||
Gross Profit
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15,969 | 20,163 | ||||||
%
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30.8 | % | 34.2 | % | ||||
Selling, General and Administrative
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||||||||
Expenses
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7,550 | 7,762 | ||||||
%
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14.6 | % | 13.2 | % | ||||
Earnings from Operations
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8,419 | 12,401 | ||||||
%
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16.2 | % | 21.0 | % | ||||
Other Income
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221 | 76 | ||||||
%
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0.5 | % | 0.1 | % | ||||
Earnings Before Income Taxes
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8,640 | 12,477 | ||||||
%
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16.7 | % | 21.1 | % | ||||
Income Tax Provision
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1,398 | 2,608 | ||||||
Effective Tax Rate
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16.2 | % | 20.9 | % | ||||
Net Earnings
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7,242 | 9,869 | ||||||
%
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14.0 | % | 16.7 | % |